- High Tide Inc (CSE:HITI) has announced it has opened their latest retail store, a Canna Cabana outlet in Niagara Falls
- The company received the permit amidst competition from some 450 other vendors
- High Tide bought the space for it’s new Canna Cabana in mid 2019
- Move comes on the back of High Tide’s best quarter ever, with profit going up 173 per cent in Q1 2020
- High Tide Inc (CCSE:HITI) is trading down 3.5 per cent at $0.14 per share with a market cap of C$32.5 million
High Tide Inc (CSE:HITI) has opened its Niagara Falls “Canna Cabana” the 32nd location the company has now opened in Canada.
High Tide will be opening the retail store this week, despite intense COVID-19 restriction. The City of Niagara Falls attracts around 12 million tourists a year, although again because of COVID-19 those numbers are way down.
The company will be offering click and collect curb-side cannabis deliveries from next week.
This latest retail opening is High Tide’s 32nd location the company has opened and the fourth in Ontario. High Tide acquired the rights to the Canna Cabana brand at the start of this year.
It’s been a blistering start to the year for High Tide, who sensationally posted a 173 per cent year on year profit rise for the first quarter of this year.
The company has also been allowed to reopen its Ontario cannabis stores as of last week, albeit with social distancing restrictions still in place.
The CEO of High Tide Raj Grover said “It is a major achievement to be one of the first 20 applications to open a new retail cannabis store in Ontario under the post-lottery system, despite the challenges of the COVID- 19 pandemic, with over 450 applications received by the Alcohol and Gaming Commission of Ontario on March 02 2020.”
“As our 32nd location across Canada and 4th in Ontario, the Niagara Falls Store is expected to become one of High Tide’s top performing stores based on its prime location in the busiest area serving Canada’s top tourist attraction ever year,” Raj stated.
High Tide received approval for the site from the commission at the start of this month, and has had the real estate ready to go since mid-2019.
High Tide (CSE:HITI) is down 3.5 per cent to $0.14 per share at 12:04 pm EDT.